The ability to gather large sets of data and perform complex analytics has drastically changed business across countless industries, making companies more efficient, better prepared for change, and better able to serve their customers. When developing an eCommerce storefront, the following analytics will inform your design, market approach, speed, and inventory design.
- Conversion rates: Are consumers buying your products? Conversion data can provide deep insights to the actions your customers take that influence a sale.
- Abandonment rates: Reducing shopping cart abandonment rates is a major challenge in eCommerce. The average business has an abandonment rate of 68.3% and any reduction can translate directly to more sales.
- Profit margins: Being able to easily see the profit margins of specific products is important in eCommerce for two reasons. First, it allows companies to determine the deepest discount they can offer while still maintaining adequate levels of profitability. Second, it provides insight into which products should be featured prominently on the site, which should be discontinued, and which should be more heavily advertised.
The Zobrist team provides integrated analytics packages in our award-winning eCommerce sites, such as TheNorthFace.com (2008 IBM Leadership Award for Best B2C), Lee.com and Wrangler.com (2009 IBM Leadership Award for Foundational Leadership) and many more.